Saputo said the transaction would enable the company to expand its international presence and enter the United Kingdom market by acquiring and investing in a well-established and successful industry player with a solid asset base and an experienced management team.

It said Dairy Crest was an attractive platform which fitted with Saputo’s growth strategy.

The purchase is being made through a share offer and the Dairy Crest board has unanimously recommended to its shareholders to accept the offer.

Operating in Canada, the United States, Argentina and Australia, Saputo’s products are sold in more than 40 countries worldwide.

Saputo is the largest dairy processor in Canada and one of the 10 largest dairy companies globally.